The ISO code of Guinea is GN according to the ISO 3166 standard. The local name of the country is Guinee. Guinea capital city is Conakry. People in Guinea speak the French language. On 2 October 1958, Guinea emerged as a sovereign political entity. In the year 10/02/1958, Guinea emerged as a sovereign political entity. The largest city in Guinea is Conakry.
Guinea is located in the UTC +00:00 time zone, which is also called Western European Time or WET. The internet country code top-level domain (ccTLD) for Guinea is .gn. The International dialing code for Guinea is 224. People in Guinea drive on the right side of the road. Total land area of Guinea is 245,857 km² (approx. 94,925 mi²). Guinea is not a landlocked country. It means that is is bordered by at least one major body of water.
Guinea is located in Africa. Guinea is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Guinea faces various issues, including deforestation, inadequate supplies of potable water, desertification, soil contamination and erosion, overfishing, overpopulation in forest region, poor mining practices have led to environmental damage.
Doing business in Guinea
We offer various corporate services in Guinea jurisdiction. These services can serve both, people coming from Guinea and foreigners. If you plan on doing business in Guinea you might be interested in contacting us.
To find out about starting your business in Guinea click on company formation in Guinea.
To find out how to open a bank account in Guinea and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Guinea.
Choose preferred service below or continue reading to find out more about Guinea.
Demographics of Guinea
The total population of Guinea is 13,052,608 people. In Guinea, the population density is 43 people per square kilometer (112 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is rather diverse according to a fractionalization scale which for Guinea is 0.7389. Guinea has approximately 378464 foreign immigrants. The median age is approximately 18.7 years. In Guinea, 1.49 in every 100 people use internet. Guinea has a Human Development Index (HDI) of 0.392.
The majority religion of Guinea is Islam, Guinea is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Guinea.
Culture of Guinea
People in Guinea speak the French language. According to data on inbound tourists in Guinea, 56,000 tourists arrive in the country each year. One of the most popular national dishes of Guinea is fufu. To read more click on culture of Guinea.
Geography of Guinea
Guinea is considered to be a large nation because of its total area. Its total land area is 245,857 km² (approx. 94,925 mi²). Guinea is located in Africa. Its capital city is Conakry. Guinea has 6 neighbouring countries. Its neighbours include Côte d'Ivoire, Guinea-Bissau, Liberia, Mali, Senegal, and Sierra Leone. Total length of land borders of Guinea is 4046 kilometers (~1,562 miles).
The highest point of Guinea is Mont Nimba, with its official height being 1752 m (5,748 ft). Including land mass and EEZ, the total area of Guinea is approximately 305,283 km² (~117,870 mi²). The most notable natural resources found in Guinea are bauxite, iron ore, diamonds, gold, uranium, hydropower, fish, salt.To read more click on geography of Guinea.
Economy of Guinea
The currency of the country is Guinean franc. The symbol used for this currency is Fr, and it is abbreviated as GNF. 4.5% of population in the country are unemployed. The total number of unemployed people in Guinea is 587,367. Each year, Guinea exports around $1.31 billion and imports roughly $2.38 billion. The Gini Index of the country is 39.4. Guinea has a Human Development Index (HDI) of 0.392.The Global Peace Index (GPI) for Guinea is 2.214. Guinea has a government debt of 79% of the country's Gross Domestic Product (GDP), as assessed in 2013. Guinea is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are bauxite, gold, diamonds, iron ore, light manufacturing, agricultural processing.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Guinea is $15,128 billion. Each year, consumers spend around $3,344 million. The ratio of consumer spending to GDP in Guinea is 0%, and the ratio of consumer spending to the world consumer market is 0.0096. The corporate tax in Guinea is set at 35%. Personal income tax ranges from 0% to 18%, depending on your specific situation and income level. VAT in Guinea is 18%. In 2013, Guinea received 339.6 million USD in foreign aid.In 2014, the foreign aid amounted to 204.4 USD.To read more click on economy of Guinea.
Infrastructure of Guinea
Infrastructure quality in Guinea is rated to be at 2.1. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Guinea, 26.2% of the population has access to electricity. There are 15 internet hosts in Guinea. Guinea has 16 airports nationwide.
The logistics performance index of Guinea is 2.46. It indicates a mediocre performance - shipping procedures are relatively unreliable, timeliness and safety of transferred goods are often a problem, although such a system may function relatively well if traffic is no too dense.
Tracking possibilities for shipments are rated at 2.41. It indicates a mediocre performance - the tracking systems provide some degree of information which usually includes the most necessary topics, such as the current location of a shipment, the dates of arrival and departure and the status of a shipment; still, more detailed information about the status and multi-language accessibility options are usually lacking.
The number of road motor vehicles per 1000 inhabitants in Guinea is 33. To read more click on infrastructure of Guinea.
Politics of Guinea
Guinea, is a presidential republic. With regard to political and civil freedoms, Guinea is 2. Citizens in Guinea experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Guinea, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Alpha Condé.
According to the World Bank Group, the government effectiveness index of Guinea is -1.21. This indicates that the government of Guinea is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In Guinea, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for Guinea is 2.214. The strength of legal rights index for Guinea is 6. Overall, it is considered to be rather adequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available. In 2013, Guinea received 339.6 million USD in foreign aid. In 2014, the foreign aid amounted to 204.4 USD. Guinea is a member of the United Nations (UN). On 12 December 1958, it joined the UN as a full member state. Guinea is a member of the African Union (AU). On 25 May 1963, it joined the AU as a full member state. Guinea is a member of the World Bank. To read more click on politics of Guinea.
Environment of Guinea
Guinea emits 0.2 metric tons per capita of CO2. 67240 km² of Guinea's territory is covered in forests. and forest land comprises 27% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Guinea is 33. To read more click on environment of Guinea.
Company formation in Guinea
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Guinea.
When establishing a company in Guinea, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Guinea that will affect the establishment and growth of one's business. Contact us or click on company formation in Guinea to read additional information when setting up a business.
Bank account opening in Guinea
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Guinea. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Guinea, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Guinea or contact us.